Despite nicer spring weather, consumers tempered their spending in the month of April, according to the National Retail Federation.
April retail sales (which exclude automobiles, gas stations and restaurants) were unchanged seasonally adjusted month-to-month, yet increased 4.7 percent unadjusted year-over-year.
April retail sales released today by the U.S. Census Bureau (which include categories such as automobiles, gasoline stations, and restaurants) increased 0.1 percent seasonally adjusted month-to-month ($434.6 billion), and increased 4 percent adjusted year-over-year.
“The shift in Easter to April did not provide enough bounce to retailers as retail sales struggled to keep their strong spring pace,” says Matthew Shay, president and chief executive officer, NRF. “With consumer spending accounting for roughly 70 percent of total economic activity, NRF remains hopeful that the uninspiring April retail sales figures are just a temporary seasonal fluctuation.”